How much could your state pension be worth in 2024?

Under the triple lock – which guarantees an increase in line with average earnings, inflation or 2.5%, whichever is highest – pensioners would have been in line for a rise linked to wages from April.

The highest of the three figures is the increase in average earnings, which was measured by the Office for National Statistics (ONS) at 8.5%.

In August, Rishi Sunak assured pensioners that the triple lock would remain in place, however high inflation figures in September has led to reports that the calculation could be altered to reduce the potential increase in 2024.

In September, it was reported ministers were considering whether to strip out the impact of public sector bonuses on the earnings figure, which could mean an increase of around 7.8% instead, potentially saving the Government hundreds of millions.

That could result in some pensioners losing out on around £75 a year compared with an 8.5% rise.

How much could your pension increase by?

An 8.5% rise in the full new state pension could take it from around £204 per week to £221, or from around £10,600 to around £11,502 annually.

But a smaller rise of 7.8% would instead take it from around £204 per week to around £220, or around £11,427 annually.

A rise in the basic state pension of 8.5% would take it from around £156 per week to just under £170, or from around £8,122 to £8,814 per year.

But a 7.8% rise would mean an increase in the basic state pension to around £168 per week or around £8,756 per year.